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RISK FACTORS The extent of tangible assets that would be created out of the ...
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Draft Letter of Offer
For Equity Shareholders of the Company Only
PANTALOON RETAIL (INDIA) LIMITED
(Originally incorporated as Manz Wear Private Limited on October 12, 1987.The Company’s name was changed to Manz Wear Limited on September 20,1991, further to PantaloonFashions (India) Limited on September 25, 1992 and to Pantaloon Retail (India) Limited on July 7 1999)
Registered and Corporate Office:
Pantaloon Knowledge House, Shyam Nagar, Off. Jogeshwari Vikhroli Link Road,Jogeshwari (East), Mumbai 400 060. The Registered Office of the Company was shifted from Venkatesh Bhavan, 4th Floor 86 Mirza Street, Mumbai 400003 to Pantaloon House , G 11 , M.I.D.C. Cross Road A, Andheri East, Mumbai 400 093 )
Tel:
(+91 22) 56442200
Fax:
(+91 22) 56442201
E-mail:
compliance.officer@pantaloon.com
Website:
www.pantaloon.com
Contact Person
: Mr. Pradeep Jain
For private circulation to the Equity Shareholders of the Company only
DRAFT LETTER OF OFFER
ISSUE OF 4,481,180 EQUITY SHARES OF Rs. 10 EACH AT A PREMIUM OF RS. 490 PER EQUITYSHARE AGGREGATING RS. 2,240.59 MILLION TO THE EQUITY SHAREHOLDERS ON RIGHTSBASIS IN THE RATIO OF ONE EQUITY SHARE FOR EVERY FIVE EQUITY SHARES HELD ONTHE RECORD DATE [
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(“
ISSUE
”).
THE ISSUE PRICE IS 50 TIMES OF THE FACE VALUE OF THEEQUITY SHAREGENERAL RISKS
Investments in equity and equity related securities involve a degree of risk and Investors should not invest anyfunds in this Issue unless they can afford to take the risk of losing their investment. Investors are advised to readthe Risk Factors carefully before taking an investment decision in this Issue. For taking an investment decision,Investors must rely on their own examination of the Issuer and the Issue including the risks involved. Thesecurities have not been recommended or approved by the Securities and Exchange Board of India (SEBI) nor does SEBI guarantee the accuracy or adequacy of this document.
Investors are advised to refer to “Risk Factors” on page 5 of this Draft Letter of Offer before making an investment in this Issue.ISSUER’S ABSOLUTE RESPONSIBILITY
The Issuer, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Letter of Offer contains all information with regard to the Issuer and the Issue, which is material in the context of thisIssue, that the information contained in this Draft Letter of Offer is true and correct in all material respects and isnot misleading in any material respect, that the opinions and intentions expressed herein are honestly held and thatthere are no other facts, the omission of which makes this Draft Letter of Offer as a whole or any suchinformation or the expression of any such opinions or intentions misleading in any material respect.
LISTING
The existing Equity Shares of the Company are listed on Bombay Stock Exchange Limited-Designated Stock Exchange (“BSE”), The National Stock Exchange of India Limited (“NSE”), The Delhi Stock ExchangeAssociation Limited (“DSE”) and the Stock Exchange of Ahmedabad (“ASE”). The Company has received “in- principle” approvals from BSE, NSE, DSE and the ASE for listing the Equity Shares arising from this Issue videletters dated
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,
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and
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, 2005, respectively.
LEAD MANAGER TO THE ISSUE
REGISTRAR TO THE ISSUE
ii
Enam Financial Consultants Private Limited
801/802, Dalamal Towers, Nariman Point,Mumbai 400 021.Tel: (+91 22) 5638 1800.Fax: (+91 22) 2284 6824.Email:prilrights@enam.comContact Person : Ms. Lakha Nair
Website: www.enam.com
Intime Spectrum Registry Limited
C – 13, Pannalal Silk Mills CompoundL.B.S. Marg, Bhandup (West), Mumbai 400 078Tel: +91 22 5555 5491.Fax: +91 22 5555 5499Contact Person : Mr. Vishwas Attawar Email:pantaloon@intimespectrum.com
ISSUE PROGRAMMEISSUE OPENS ON LAST DATE FOR REQUESTFOR SPLIT APPLICATIONFORMSISSUE CLOSES ON[
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(i)
TABLE OF CONTENTSABBREVIATIONS & TECHNICAL TERMS..................................................................................................2
RISK FACTORS..................................................................................................................................................5
SUMMARY.........................................................................................................................................................15
THE ISSUE.........................................................................................................................................................18
SELECTED FINANCIAL INFORMATION...................................................................................................19
GENERAL INFORMATION............................................................................................................................21
CAPITAL STRUCTURE...................................................................................................................................25
OBJECTS OF THE ISSUE................................................................................................................................31
BASIS FOR ISSUE PRICE...............................................................................................................................37
STATEMENT OF TAX BENEFITS.................................................................................................................39
INDIAN RETAIL INDUSTRY.........................................................................................................................46
BUSINESS...........................................................................................................................................................56
REGULATIONS AND POLICIES...................................................................................................................71
HISTORY OF OUR COMPANY AND OTHER CORPORATE MATTERS..............................................73
DIVIDENDS........................................................................................................................................................77
MANAGEMENT................................................................................................................................................78
PROMOTER AND PROMOTER GROUP.....................................................................................................89
PROMOTER GROUP COMPANIES..............................................................................................................91
SUBSIDIARIES AND ASSOCIATES............................................................................................................109
OUR JOINT VENTURE COMPANIES........................................................................................................115
RELATED PARTY TRANSACTIONS..........................................................................................................117
AUDITORS REPORT.....................................................................................................................................120
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS..................................................................................................................................................174
MATERIAL DEVELOPMENTS....................................................................................................................185
DESCRIPTION OF CERTAIN INDEBTEDNESS.......................................................................................186
OUTSTANDING LITIGATIONS AND DEFAULTS...................................................................................192
GOVERNMENT APPROVALS.....................................................................................................................192
STATUTORY AND OTHER INFORMATION............................................................................................206
STOCK MARKET DATA...............................................................................................................................215
TERMS OF THE ISSUE.................................................................................................................................218
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION.....................................................234
DECLARATION..............................................................................................................................................236
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CAPITAL STRUCTURE for Pant a Loon
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